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FAQ: What are the criteria to borrow money from bank? - Property Hotline
Posted
June 17, 2016
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26
June 17, 2016
26
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7:24Now PlayingBe Un Confused
Expert: PV Subramanyam, Home Finance expert
Q: My 43-year old son, his wife and daughter are American citizens. They live with me in Mumbai. He wants to buy a home in Thane with a budget of Rs. 85 lakh. He has already taken a Rs. 44 lakh loan on a Bengaluru flat, which has tenure of 10 years left. My son is in the 30 % tax bracket, while my DIL is in the 10% bracket.
Answer: First of all he has to file his returns in the US as per US tax laws, so check for that the FD interest is tax free, but the interest paid for borrowed funds is tax deductible. So if he is giving the house on rent (not self-occupied) it may make sense to borrow the money instead of breaking the FD. The interest rates will be more or less the same. However since he has no other use of the money, it makes sense to borrow.
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